House Minority Leader Nancy Pelosi (D-Calif., photo) claims that the unemployment rate would be 15 percent in the absence of President Barack Obama’s “stimulus” law, but Bureau of Labor Statistics (BLS) Commissioner Keith Hall says he’s seen no study to support Pelosi’s assertion.
Attempting to make the case that “President Obama was a job creator from day one” at her Thursday press briefing, Pelosi said that “if President Obama and the House congressional Democrats had not acted, we would be at 15 percent unemployment,” about 6 percentage points higher than the actual BLS-calculated rate of 9.1 percent, which itself is up 0.9 points since Obama signed the stimulus bill into law in early 2009. (The actual rate, however, is “pushing 25 percent” when those who are underemployed or have ceased seeking employment are included, The New American reported recently.)
In making that statement Pelosi was one-upping herself. During her October 6 press briefing she stated that at the time of the 2010 election the unemployment rate “would’ve been 14.5 percent, not 9.5 percent” — a difference of 5 percentage points — had “the Recovery Act and accompanying federal interventions, whether from the Fed or ‘Cash for Clunkers’ or other initiatives,” not been implemented.
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